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Unpaid Gratuities: Nasarawa Pensioners Issue One Week Ultimatum To State Govt

By Michael David, Lafia The Nasarawa State chapter of the Nigeria Union of Pensioners on Thursday issued a one week ultimatum to the Nasarawa State Government to pay all their entitlements or face a huge protest across the state. In a communiqué jointly signed by Chairman of the union Umaru Adoga and its Secretary, Ibrahim Usman and made available to ...

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PenCom to issue guidelines for political appointees’ retirement benefits

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  By Sola Alabadan News Editor, Sunday   The National Pension Commission (PenCom) has been mandated to issue guidelines to regulate the administration of retirement benefits of Professors and category of political appointees entitled, by virtue of their terms and conditions of employment to retire with full benefits. This directive is in accordance with the provisions of the Pension Reform ...

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PenCom to issue guidelines for political appointees’ retirement benefits

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  A total of 133 companies were certified by the National Pension Commission (PenCom) to bid for Federal Government contracts during the month of January, after they provided evidence of compliance with provisions of the Pension Reform Act 2014. The compliance certificates are issued only to organisations seeking to bid for Federal Government contracts, in compliance with Section 16 (6) ...

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Pension: 133 firms cleared for FG contracts in Jan

By Sola Alabadan News Editor, Sunday A total of 133 companies were certified by the National Pension Commission (PenCom) to bid for Federal Government contracts during the month of January, after they provided evidence of compliance with provisions of the Pension Reform Act 2014. The compliance certificates are issued only to organisations seeking to bid for Federal Government contracts, in ...

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Make your income last a lifetime

By Sola Alabadan News Editor, Sunday Retirement should be an enjoyable phase of life  Everyone approaches retirement from a different point of view, and even when you are looking forward to it, you can feel a sense of loss, no longer mixing with work colleagues. Whatever your feelings, retirement is probably the major opportunity of your life for a new ...

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Infrastructure has benefitted from pension funds – Ideva

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  By Sola Alabadan News Editor, Sunday   The Managing Director of Premium Pension Limited, Mr. Wilson Ideva, has confirmed that some infrastructural development witnessed recently in Nigeria have benefitted from pension funds accumulated under the new contributory pension scheme in the country. Ideva, who made this assertion at the company’s corporate head office in Abuja, stated that “Some of ...

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EPCCOS eases pension contributions’ remittances

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  By Sola Alabadan News Editor, Sunday With the introduction of Electronic Pension Contribution Collection System (EPCCOS) by the Pension Fund Operators Association of Nigeria (PenOp), it is now easier for the employers to remit pension contributions on behalf of their employees. EPCCOS came into operation in January after the operators have carried out a pilot test during the last ...

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Start planning early to retire early

By Sola Alabadan News Editor, Sunday Start retirement planning early in life There are several meanings that people might put to the term “retiring comfortably”. You might plan on hopping around the globe, or obtaining a dream ‘castle’ in a faraway land, or lazing around in a tropical destination. Whether you want to live abroad or stay in the country ...

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PFAs to face sanction for conniving with PHCN workers

By Sola Alabadan  / News Editor, Sunday   The National Pension Commission (PenCom) says some reabsorbed employees of the defunct Power Holding Company of Nigeria (PHCN) connived with some Pension Fund Administrators (PFAs) to withdraw 25 per cent of their pension contributions, in spite of the fact that their Retirement Savings Accounts (RSAs) were still active. PenCom has been investigating the ...

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Pension: 683 employers remit N10b in three months

A total of 683 employers remitted the sum of N10.18 billion into the Retirement Saving Accounts (RSA)s of35,057 employees within a period of three months, the National Pension Commission (PenCom) said. The affected employers had requested certificates of compliance with the Pension Act to be able to bid for contracts with Federal Government’s Ministry, Department and Agencies. During the second ...

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Don’t depend on anyone, plan for retirement

Save for retirement It is absolutely mandatory that every person establish a plan for retirement. No one knows how long his life might be, and more importantly, it is inappropriate and risky to depend on others to take care of you. Of course, it might happen. Your children might pay for all your needs, and you might even win the ...

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Issues requiring attention in pension industry in 2015

By Sola Alabadan  / News Editor, Sunday   This article highlights issues in the Nigerian pension industry requiring attention in 2015, hoping that if these issues are addressed, the pension industry and all stakeholders in the industry will be better for it.   Tackle dearth of investment outlets  The Pension Fund Operators Association of Nigeria (PenOp) has affirmed that the dearth ...

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212, 325 workers join pension scheme in six months

Abdulwaheed Omar, NLC President.

By Sola Alabadan / News Editor, Sunday   A total of 212, 325 employees joined the contributory pension scheme in Nigeria during the first half of year 2014 as the number of employees who registered with the Pension Fund Administrators (PFAs) increased from 5, 917,207 on January 1, 2014 to 6,129,532 on June 30, 2014, the National Pension Commission (PenCom) has ...

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Retirement planning easier than you think

Plan your finances  It is true that a secure, comfortable retirement is every worker’s dream. Due to the fact that people are now living longer, healthier lives, we can expect to spend more time in retirement than our parents and grandparents did. It should therefore be appreciated that achieving the dream of a secure, comfortable retirement is much easier when ...

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PenCom transfers N8.6b to NSITF contributors

In compliance with the provisions of the Pension Act, the National Pension Commission (PenCom) says it has so far transferred the sum of N8.69 billion into the Retirement Savings Accounts (RSAs) of 120,081 employees who were contributors to National Provident Fund (NPF) and National Social Insurance Trust Fund (NSITF). The commission also disclosed that it received 5,624 requests for the ...

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PFAs, PFCs violated rules guiding pension industry – PenCom

• Mrs. Chinelo Anohu-Amazu, DG, PenCom       • Misbahu Yola, Chairman, PenOp

  By Sola Alabadan News Editor, Sunday   The National Pension Commission (PenCom) has lamented that a review of the compliance reports forwarded by the Pension Fund Administrators (PFAs) and the Pension Fund Custodians (PFCs) to the commission revealed some issues of non-compliance with the rules and regulations guiding the pension industry in Nigeria. PenCom’s Director General, Mrs. Chinelo Anohu-Amazu, ...

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Non-remittance of contributions: PenCom to sue 101 firms

By Sola Alabadan News Editor, Sunday Due to failure to remit pension contributions on behalf of their employees, the National Pension Commission (PenCom) has concluded arrangements to institute legal proceedings against 101 employers soon. In the latest report released by PenCom, the Commission informed that it re-appointed 123 Recovery Agents (RAs) in order to conclude the recovery of outstanding pension ...

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Do your best to retire comfortably

By Sola Alabadan News Editor, Sunday Ensure you save for tomorrow No matter how hard we may try, it is fact of life that certain issues such as the need to retire from paid employment and growing old are inevitable. In realisation of this fact, efforts should be made by everyone to prepare for that period of time at old ...

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PenCom clears 2,146 firms for FG contracts in 2014

Wilson Ideva, MD, Premium Pensions

By Sola Alabadan / News Editor, Sunday   The National Pension Commission (PenCom) certified a total of 2,146 companies to bid for Federal Government contracts during the outgoing year 2014, after they provided evidence of compliance with provisions of the Pension Reform Act 2004. The total number of firms certified by PenCom to bid for Federal Government contracts was 1,386 as ...

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Don’t panic, plan for retirement

Never too late to plan for retirement Majority of the people are expected to be conscious of the fact that it is better to start retirement planning early enough. It is even recommended that one should start planning for retirement the very day one starts working. Due to certain reasons, however, there are still people who are unable to start ...

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Directors of PFCs face five-year jail term for mismanagement

The directors of Pension Fund Custodian (PFC) will be sentenced to a minimum of five years imprisonment if their PFC utilise any pension fund or assets in its custody to meet its own financial obligation to any person whatsoever. This is in accordance with the provision contained in section 101 of the Pension Reform Act 2014. The section states that ...

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States, LGs now mandated to join Pension Scheme

Unlike the repealed Pension Reform Act 2004 which did not cover employees at the state and local government levels, it is expressly stated in the Pension Reform Act 2014 that the States and Local Government in Nigeria must join the Contributory Pension Scheme (CPS) established by the Act for all employees in the country. Specifically, Section 2(1) of the Pension ...

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Pension should not be a constitutional issue – Ex-PenCom chief

By Sola Alabadan / News Editor, Sunday   Former Commissioner in charge of Inspectorate at National Pension Commission (PenCom), Dr. Musa Ibrahim, has posited that pension should not have been a constitutional issue since it is purely a contract between an employer and his employee. He stated this while presenting a paper on “Sensitising major stakeholders on Developments ushered in by ...

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Accumulate wealth for retirement

Ensure you have a written plan The first mistake most people make is they have no written plan to build financial security. You can’t put the formula for financial success to work for you if you have no plan to accomplish it. It may be a simple process, but it won’t happen randomly. You must make it happen by taking ...

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Strive to achieve retirement of your dream

Prepare for the rainy day  To set aside part of one’s income for the future is one of the strategies to preparing for the rainy day. This is actually the essence of retirement planning. People are advised to always plan for retirement in order to avoid a bleak future. Thus, saving and investing should be embraced by anyone wishing to ...

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